US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 16 million barrels in the week ended May 29 following a decrease of 12.4 million barrels in the previous week.
Excluding inventories in the SPR, commercial crude oil stocks declined by 8.0 million barrels after a 3.3-million-barrel decline in the previous week, a larger drop than the 3.1-million-barrel decrease expected in a survey compiled by Bloomberg.
Stocks in the SPR were down by 8.0 million in the week after falling by 9.1 million in the previous week.
Overall crude oil stocks were down 2% from the previous week and down 5.6% from a year earlier. Crude oil inventories are about 3% below the five-year average for this time of the year.
Gasoline stocks increased by 3.4 million barrels, compared with the 2.5-million-barrel decrease expected. Gasoline stocks were up 1.6% from the previous week but were 5.8% down from a year earlier.
Distillate stocks increased by 1.5 million barrels in the current week, compared with an expected decrease of 1.9 million barrels. Distillate stocks were up 1.5% from the previous week but were 5.0% lower than in the same week a year ago.
Refineries operated at 94.7% of their capacity, up from 94.5% in the previous week.